Does blogged peer review work?

Can the blogosphere work as well as the traditional peer review system? Over the past two months one researcher has been trying to linkurl:find out.;http://www.the-scientist.com/blog/display/54189/ Based on his and his publisher's early assessment of the experiment, using blog-based peer reviewing is only partially helpful, The Chronicle of Higher Education linkurl:reported;http://chronicle.com/free/2008/04/2332n.htm?rss today. The experiment was run by University of California, San Diego, com